Biobanks Market Demand Is Increasing With CAGR Of 6.2% From 2021 to 2028

 Biobanks Industry Overview

The global biobanks market size was estimated at USD 65.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2021 to 2028.

High investments for R&D of advanced therapies such as regenerative medicine, personalized medicine, and cancer genomic studies are driving the space. Moreover, the onset of COVID-19 has put biobanks at the forefront of pandemic control measures, resulting in the organic revenue growth of the market.

The increasing popularity of precision/personalized medicine and genetic testing has been a key driver of the market. Biobanks have been playing a significant role in biomedical research. Over the past few decades, there have been several advances in platforms and tools used in genetic studies. This has led to an increase in demand for biospecimens from clinical labs to develop assays for genetic testing.

Gather more insights about the market drivers, restrains and growth of the Global Biobanks Market

Collaborations between private and public institutions in biobanking have played a crucial role in market progression. Digitalization, precision medicine, and virtualization are rapidly changing the biobanking industry by the development of novel methods and concepts of synergies initiated by public and private organizations. Companies across all fields are partnering with biobanks which accelerates the market revenue.

For instance, Illumina partnered with four institutions - the University of Colorado at Denver, Vanderbilt University, Montreal Heart Institute University, and Partners HealthCare - to genotype their bio-samples for R&D activities. Moreover, despite the supply chain hindrance by a global pandemic, the market witnessed lucrative growth in 2020. This is because biobanking has emerged as a key focal point for public health agencies and healthcare providers engaged in curbing the COVID-19 pandemic.

An exponential increase in the number of global cases has rendered the significance of biobanks in containing the spread of the virus. High-quality COVID-19 specimens are required and helpful for both research and diagnostic purposes, and biobanks are considered as vital repositories for these samples. Thus, biobanks are gaining ground to support clinical research and drug discovery processes to combat this global disaster.

Browse through Grand View Research's Biotechnology Industry Research Reports.

  • RNA Analysis Market: The global RNA analysis market size was valued at USD 9.28 billion in 2020 and is anticipated to expand at a compound annual growth rate (CAGR) of 13.44% from 2021 to 2028.
  • Gene Synthesis Market: The global gene synthesis market size was valued at USD 1.47 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 18.1% from 2021 to 2028. 

Biobanks Market Segmentation

Grand View Research has segmented the global biobanks market report on the basis of product, service, biospecimen type, biobanks type, application, and region:

  • Biobanks Product Outlook (Revenue, USD Million, 2017 - 2028)
    • Biobanking Equipment
      • Temperature Control Systems
        • Freezers & Refrigerators
        • Cryogenic Storage Systems
        • Thawing Equipment
      • Incubators & Centrifuges
      • Alarms & Monitoring Systems
      • Accessories & Other Equipment
    • Biobanking Consumables
    • Laboratory Information Management Systems
  • Biobanks Service Outlook (Revenue, USD Million, 2017 - 2028)
    • Biobanking & Repository
    • Lab processing
    • Qualification/ Validation
    • Cold Chain Logistics
    • Other Service
  • Biobanks Biospecimen Type Outlook (Revenue, USD Million, 2017 - 2028)
    • Human Tissues
    • Organs
    • Stem Cells
      • Adult Stem Cells
      • Embryonic Stem Cells
      • IPS Cells
      • Other Stem Cells
    • Other Biospecimens
  • Biobanks Type Outlook (Revenue, USD Million, 2017 - 2028)
    • Physical/Real Biobanks
      • Tissue Biobanks
      • Population Based Biobanks
      • Genetic (DNA/RNA)
      • Disease Based Biobanks
    • Virtual Biobanks
  • Biobanks Application Outlook (Revenue, USD Million, 2017 - 2028)
    • Therapeutics
    • Drug Discovery & Clinical Research
    • Clinical Diagnostics
    • Other Application
  • Biobanks Regional Outlook (Revenue, USD Million, 2017 - 2028)
    • North America
    • Europe
    • Germany
    • Canada
    • Middle East & Africa (MEA)

Market Share Insights

  • February 2020: Hamilton Storage launched new sample storage tubes along with RackWare racks at SLAS 2020 International Conference and Exhibition.

Key Companies profiled:

Some of the prominent players in the biobanks market include:

  • Thermo Fisher Scientific, Inc.
  • Merck KGaA
  • QIAGEN
  • Hamilton Company
  • Avantor
  • Tecan Trading AG.
  • Danaher Corporation
  • Becton, Dickinson and Company (BD)
  • BioCision
  • Taylor-Wharton
  • Charles River Laboratories
  • Lonza
  • STEMCELL Technologies Inc.
  • Biovault Family
  • PromoCell GmbH
  • Precision Cellular Storage Ltd. (Virgin Health Bank)

Order a free sample PDF of the Biobanks Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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